On today's call, we will also be discussing certain non-GAAP financial information, such as free cash flow and results excluding the impact of pension and other items. Reconciliations of non-GAAP financial results to our reported and forecasted GAAP results and other information concerning such measures are included in our earnings press release and are also available on the Investor page of NCR's website. A replay of this conference call will be available later today on NCR's website, ncr.com. For those listening to the replay of this call, please keep in mind that the information discussed is as of July 19, 2012, and NCR assumes no obligation to update or revise the information included in this conference call, whether as a result of new information or future results. I'll now turn the call over to Bill Nuti.

William R. Nuti

Thank you, Gavin. Good afternoon and thank you all for joining us. Our second quarter results keep us on track to achieve our full year objectives and demonstrate the consistent execution and innovation that we are leveraging across all of our lines of business. Consolidated as-reported revenues increased 11% in the second quarter of 2012 compared to the same period last year. Revenues increased 15% on a constant currency basis and gross margin and NPOI margin once again reached record levels in Q2. We continue to execute our strategy to become a solutions company, where hardware, software and services are integrated to deliver more value to our customers. This strategy and our solid execution is resulting in NCR generating profitable growth.

In addition to our strong revenue, gross margin and NPOI results, orders surged in the second quarter, growing 19% over the prior year period. Order growth was bolstered by a significant order in Brazil. We finished the quarter with backlog of $1.29 billion, a record high, and our 11th consecutive quarter of year-over-year backlog growth. As a reminder, this order and backlog growth does not include our hospitality line of business, which also expanded its business pipeline during Q2. In addition, it does not include our consumables line of business. Our focus on growing our core verticals, Financial Services, Retail and Hospitality, and solid execution across our product groups and our global services business are combining to drive strong financial performance and a robust business pipeline.

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